Electric Vehicles - Greece | Statista Market Forecast

In 2024, the projected revenue in the Electric Vehicles market in Greece is estimated to reach US$588.5m.
It is expected that this revenue will experience an annual growth rate (CAGR 2024-2029) of 18.44%, resulting in a projected market volume of US$1.4bn by 2029.
By 2029, it is expected that unit sales in the Electric Vehicles market will reach 38.45k vehicles.
The volume weighted average price of Electric Vehicles market in Greece in 2024 is expected to be US$35.0k.
The international perspective reveals that China will generate the highest revenue in the Electric Vehicles market, amounting to US$376bn in 2024.

"Despite the growing global trend towards electric vehicles, Greece lags behind due to limited charging infrastructure and high purchase costs."

CO2 emissions exert a profound influence on climate and the environment, fueling the greenhouse effect and contributing significantly to global climate change. Nearly one-fourth of these emissions worldwide can be attributed to the transportation sector. Electric vehicles (EVs) emerge as a promising solution, potentially acting as a carbon-neutral alternative when powered by renewable energy sources. This underscores their pivotal role in mitigating the impact of traditional combustion engine vehicles on the environment.

The Electric Vehicles market includes information about electric vehicles in countries where, according to our sources, a public electric vehicle charging infrastructure is already available. In this context, “public” means that people have unrestricted access to the charging infrastructure. A vehicle can be defined as electric if it is self-contained with a battery or classified as a plug-in hybrid. All key figures shown represent the sales of new cars, and their basic configuration in the respective year. The figures do not include the sale of used vehicles nor adapted equipment for the new cars sold. The prices and revenues shown are accordingly based on the basic models.

The Electric Vehicle market is divided into distinct two distinct markets, namely Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). This categorization allows for a nuanced understanding of the market dynamics, considering the specific attributes and market penetration of each electric vehicle type. The emphasis on new car sales and their foundational configurations ensures clarity, while the exclusion of used vehicles and customizations maintains focus on the evolving landscape of electric vehicles.

Battery electric vehicles (BEVs)
Plug-in hybrid electric vehicles (PHEVs)
Road electric vehicles
Passenger Cars

Electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs
Rail electric vehicles
Surface and underwater vessels
Electric aircraft or spacecraft
Motorcycles, scooters, mopeds, buses, vans, and trucks

The Electric Vehicles market in Greece is experiencing significant growth and development in recent years.

Customer preferences: Customers in Greece are increasingly showing interest in electric vehicles due to their environmental benefits and potential cost savings. Electric vehicles produce lower emissions compared to traditional petrol or diesel vehicles, making them a more sustainable transportation option. Additionally, the rising fuel prices in Greece have made electric vehicles an attractive alternative, as they offer lower operating costs and can be more economical in the long run.

Trends in the market: One of the key trends in the Electric Vehicles market in Greece is the increasing availability and variety of electric vehicle models. Many major automobile manufacturers have introduced electric vehicle models to the Greek market, providing consumers with more options to choose from. This has contributed to the growing adoption of electric vehicles in the country. Another trend is the development of charging infrastructure. The Greek government has been actively promoting the installation of public charging stations across the country to support the growing number of electric vehicles. This has helped alleviate the range anxiety among potential electric vehicle buyers, as they now have more convenient access to charging facilities.

Local special circumstances: Greece has a unique geographical landscape with many islands, which presents both challenges and opportunities for the Electric Vehicles market. The limited range of electric vehicles can be a concern for consumers who need to travel long distances, especially on the islands where charging infrastructure may not be as developed. However, the short average driving distances in Greece make electric vehicles a practical choice for many daily commutes and urban driving.

Underlying macroeconomic factors: The Greek government has implemented various incentives and subsidies to promote the adoption of electric vehicles. These include tax benefits, reduced registration fees, and financial incentives for purchasing electric vehicles. These measures have helped stimulate demand and encourage consumers to switch to electric vehicles. Furthermore, Greece is part of the European Union, which has set ambitious targets for reducing greenhouse gas emissions and promoting sustainable transportation. This has created a favorable regulatory environment for electric vehicles, with the government actively supporting the development of the market. In conclusion, the Electric Vehicles market in Greece is experiencing growth and development driven by customer preferences for environmentally friendly and cost-effective transportation options. The increasing availability of electric vehicle models, the development of charging infrastructure, and the government's incentives and subsidies have all contributed to the positive trends in the market. Despite the unique challenges posed by Greece's geography, the favorable macroeconomic factors and the government's commitment to sustainability are expected to continue driving the growth of the Electric Vehicles market in the country.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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For the first time in the past decade, lithium-ion battery pack costs increased in 2022 due to the raw material and battery component soaring price inflation. However, this increase in production cost has not slowed down the global electric vehicle (EV)market. Electric vehicle sales have increased tremendously over the past decade.